Scandinavian Working Papers in Economics

Umeå Economic Studies,
Umeå University, Department of Economics

No 817: Financial Intermediation and Economic Growth: Evidence from the Baltic countries

Albina Soultanaeva ()
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Albina Soultanaeva: Department of Economics, Umeå University, Postal: S 901 87 Umeå, Sweden

Abstract: The hypothesis that financial development promotes economic growth is largely supported by empirical studies. This hypothesis is tested for the three Baltic countries using a time series approach that allows for interactions between the three countries. We find that economic growth is a positive function of financial development, proxied by banking credit available to private sector, in the long run. The results also show that there are long run interactions between the three Baltic countries.

Keywords: Cointegration; Spillovers; Financial development; Emerging markets

JEL-codes: C32; F43; O16

11 pages, December 21, 2010

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